Economists Konstantine Kholodilin and Aleksey Netsunaev calculated that sanctions reduced Russia’s quarterly GDP growth by an average of 1.97%.

They analyzed the potential damage from the sanctions in the document “The Crimea and the Punishment: the impact of sanctions on the Russian and European economies“, published by the German Institute for Economic Research DIW.

In their view, the sanctions directly influenced Russia’s GDP, but just slightly affected the GDP of the Euro-zone. However, both Russia and the Euro-zone suffered from indirect effects from adjustments of real exchange rates.

In addition, it is the sanctions have led to a much more significant fluctuations in the dynamics of Russia’s GDP.

“Using the counterfactual analysis, we estimated the average loss of quarterly GDP growth for Russia at the level of slightly below 2%. The corresponding figure for the Euro-zone countries is negligible. Therefore, we have got evidence of the direct and indirect impact of sanctions on the Russian economy, while only indirect effects matter for the Euro-zone,” the document says.